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| Title | Investor Sentiment, SEO Market Timing, and Stock Price Performance |
| Creator | 周冠男 Chou, Robin K. Lin, Chu-Bin Chen, Yi-Wen |
| Contributor | 財管系 |
| Key Words | Investor sentiment ; Market timing ; Seasoned equity offering |
| Date | 2019-03 |
| Date Issued | 20-Feb-2020 14:29:42 (UTC+8) |
| Summary | This article details an investigation of the impact of investor sentiment on the probability of firms conducting seasoned equity offerings (SEOs) and on stock price performance around and subsequent to SEOs. The results show that investor sentiment has a positive impact on SEO probability and that this impact is stronger for small and young firms. Furthermore, firms conducting SEOs during high sentiment periods experience less severe short-run price drops around the issuance yet more severe post-issue long-run underperformance, compared with firms conducting SEOs during low sentiment periods. These effects of investor sentiment on stock price performance are stronger for small, young, and high market-to-book ratio firms. |
| Relation | Journal of Empirical Finance, Vol.51, pp.28-43 |
| Type | article |
| DOI | https://doi.org/10.1016/j.jempfin.2019.01.008 |
| dc.contributor | 財管系 | |
| dc.creator (作者) | 周冠男 | |
| dc.creator (作者) | Chou, Robin K. | |
| dc.creator (作者) | Lin, Chu-Bin | |
| dc.creator (作者) | Chen, Yi-Wen | |
| dc.date (日期) | 2019-03 | |
| dc.date.accessioned | 20-Feb-2020 14:29:42 (UTC+8) | - |
| dc.date.available | 20-Feb-2020 14:29:42 (UTC+8) | - |
| dc.date.issued (上傳時間) | 20-Feb-2020 14:29:42 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/128718 | - |
| dc.description.abstract (摘要) | This article details an investigation of the impact of investor sentiment on the probability of firms conducting seasoned equity offerings (SEOs) and on stock price performance around and subsequent to SEOs. The results show that investor sentiment has a positive impact on SEO probability and that this impact is stronger for small and young firms. Furthermore, firms conducting SEOs during high sentiment periods experience less severe short-run price drops around the issuance yet more severe post-issue long-run underperformance, compared with firms conducting SEOs during low sentiment periods. These effects of investor sentiment on stock price performance are stronger for small, young, and high market-to-book ratio firms. | |
| dc.format.extent | 1420634 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | Journal of Empirical Finance, Vol.51, pp.28-43 | |
| dc.subject (關鍵詞) | Investor sentiment ; Market timing ; Seasoned equity offering | |
| dc.title (題名) | Investor Sentiment, SEO Market Timing, and Stock Price Performance | |
| dc.type (資料類型) | article | |
| dc.identifier.doi (DOI) | 10.1016/j.jempfin.2019.01.008 | |
| dc.doi.uri (DOI) | https://doi.org/10.1016/j.jempfin.2019.01.008 |